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Trade war

China slashes auto tariffs to 15% in a nod to Trump

Move comes after trade talks and stands to benefit all carmakers

China's tariff cuts will benefit luxury brands such as BMW and Mercedes-Benz that rely on imports to supply the world's top auto market.   © Reuters

BEIJING -- China says it will cut tariffs on passenger cars to 15% from 25%, moving to ease trade tensions with a U.S. government eager to reduce its trade deficit with the Asian economic powerhouse.

The new tariff schedule, announced Tuesday, will take effect July 1. A duty on trucks and other autos will also fall to 15% from 20%, while parts will face a uniform 6% tariff, down from current rates between 8% and 25%.

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